Architecture Metaverse Platform STELSI Attracts Strategic Investment from Nexus One

Crypto.com unlocks regulated expansion through UK FCA licensing awardSingapore’s Crypto.com has obtained an Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in the United Kingdom. The approval complements the platform’s existing status as a registered crypto-asset business, a milestone achieved in August 2022.Photo by Robert Tudor on UnsplashSet to expand product offeringIn a press release published to its website on Monday, the company outlined that the EMI license represents a pivotal step for the firm, empowering the exchange to issue and manage electronic money. This expansion goes beyond its initial crypto-asset business focus, which concentrated primarily on compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.The regulatory nod came after Crypto.com underwent a comprehensive examination of its business and compliance practices, ensuring alignment with the stringent AML and CTF requirements in the UK.With this authorization in hand, Crypto.com is poised to introduce a range of e-money products tailored for the UK market. This move aligns the company with other cryptocurrency firms like Coinbase and Gemini, which have previously secured similar licenses.Notwithstanding that, while some other well-known platforms have struggled with recently introduced rules related to the marketing of crypto products and services in the UK, Crypto.com’s UK subsidiary company, FORIS DAX UK LIMITED, had successfully registered with the FCA in October.Building out global expansionWhile a trend has emerged in 2023 for crypto platforms to expand within regional markets around the world beyond the United States, Crypto.com has been following a global strategy for some time already. Last month, CRO DAX Middle East, a subsidiary company of Crypto.com, secured a license from the Virtual Assets Regulatory Authority (VARA) in Dubai to offer regulated virtual asset services.Earlier this year, Patrick Yoon, General Manager of Crypto.com’s Korean business outlined plans for expansion within that market, including the aspiration to obtain the banking relationship required in order to conduct virtual asset trading business in South Korea.Dutch licensing successEarlier in July, Crypto.com received approval from the Dutch central bank, De Nederlandsche Bank (DNB), to extend its cryptocurrency services in the Netherlands.This recognition places Crypto.com among the 36 cryptocurrency-related businesses approved by the Dutch central bank, joining major industry players like Coinbase Europe, eToro and Bitstamp. Notably, this approval followed Binance’s inability to secure registration in the Netherlands, leading to its exit from the country.Expressing enthusiasm about this achievement, Kris Marszalek, CEO of Crypto.com, emphasized the importance of the UK market for their business. He stated:“The UK has and continues to be a hugely important market for our business and the greater industry. We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”Crypto.com’s global expansion strategy includes regulatory approvals in Singapore, France, Italy, Dubai and Australia. However, in a strategic shift, the platform discontinued its institutional exchange service for professional customers in the United States in June. Citing a decline in demand, this move aligns with the broader market conditions in the U.S., influenced by ongoing legal actions against major exchanges such as Binance and Coinbase.

Hong Kong’s OSL crypto exchange receives $91M boostBC Technology Group, the owner of the licensed OSL exchange, has secured a HK$710 million ($90.9 million) investment from BGX.Photo by Precondo CA on UnsplashBringing clarity to BitgetX market withdrawalBGX is reportedly associated with Seychelles-incorporated crypto exchange Bitget. The investment, which was announced via statements published by both BC Technology Group and BGX on their respective websites on Tuesday, brings further clarity to the rationale behind Bitget’s recent decision to withdraw its BitgetX platform from the Hong Kong market.BitgetX was believed to be working towards crypto licensing in Hong Kong. Its decision on Monday to stop pursuing a virtual asset trading platform (VATP) license and withdraw from the market entirely had been perceived as a weakness of the regulatory regimen in Hong Kong. However, it now appears that it was just clearing the way for involvement in crypto trading brought about through its investment in OSL, an entity that has already acquired a trading license within the Chinese autonomous territory.BGX has entered into an agreement to acquire a 29.97% stake in BC Technology, OSL's parent company, pending shareholder approval. According to an announcement, BGX CEO Patrick Pan Zhiyong is set to become one of two new executive directors as part of this investment. Pan, concurrently serving as the CEO of BitgetX, will also oversee the transition as Bitget steps back from the market, scheduling its platform closure for Dec. 13.Sale rumors deniedReports emerged in October that BC Technology Group was considering the sale of OSL based on a $128 million valuation. Contrary to those reports, BC Technology vehemently denied any intentions to sell OSL, emphasizing its commitment to maintaining the exchange’s operations. The company dismissed such speculation as “factually inaccurate and highly misleading,” underscoring its dedication to navigating the evolving crypto landscape.Bitget, responding to inquiries from the South China Morning Post (SCMP), asserted its independence from BGX, stating that it is “an independent entity” with no legal or commercial connections to the crypto firm.BGX is incorporated in the Cayman Islands and wholly owned by Liu Shuai, the founder of Shenzhen Qianhai Junchuang Fund Management and Singaporean crypto fund Foresight Ventures. Liu’s investment portfolio includes Bitget, as well as U.S. crypto media group The Block, which was acquired by Foresight Ventures, according to reports earlier this week.The incorporation of BGX into BC Technology’s ecosystem introduces a dynamic player with diverse investments across the crypto space. Against the backdrop of Hong Kong’s changing regulatory landscape, with the introduction of a mandatory licensing scheme last year, BC Technology’s OSL was the first exchange to obtain a voluntary license from the Securities and Futures Commission (SFC) in 2020. The asset management division of the company received a trading license in May of this year. In August, OSL, along with HashKey, received approval from the SFC to upgrade their licenses, allowing them to serve retail investors.The evolving regulatory environment reflects Hong Kong’s ambition to position itself as a crypto hub, attracting both institutional and retail participants. While that endeavor is not without its challenges, the city hasn’t been adversely affected by BitgetX's withdrawal from the market, given this related investment in OSL.

China Sees Further Metaverse Development Through Nanjing City InitiativeNanjing City’s Jiangning district recently unveiled its ambitious plans for metaverse development as competition in China’s metaverse sector intensifies.Photo by 李 亨 on PexelsThree-year planThe district aims to lay the groundwork for blockchain-based applications by attracting 200 metaverse companies and generating an industry with an annual revenue of 20 billion yuan ($2.80 billion) by the end of 2025. That’s according to a three-year plan to accelerate metaverse development published by Jiangning district’s management committee on Saturday.To support this vision, Jiangning plans to foster collaboration between local enterprises and academic institutions, with the goal of training 10,000 metaverse professionals over the next three years.Metaverse roadmapThe district’s comprehensive roadmap includes the identification of key metaverse technologies, such as blockchain, artificial intelligence (AI), and virtual reality. Additionally, the plan outlines the establishment of 50 research centers and laboratories dedicated to these areas of expertise.These initiatives were unveiled during a joint summit on metaverse and artificial intelligence-generated content (AIGC) held at the Jiangning High-tech Development Zone, a specialized industrial park known for its focus on life sciences, software development, and equipment manufacturing.At the summit, 16 metaverse-related projects were introduced, representing a total investment of 8.1 billion yuan ($1.13 billion). These projects encompass diverse fields, including A.I., cloud computing, big data, and healthcare. Jiangning’s commitment to the metaverse extends beyond the recently announced plan, as the district has been offering financial incentives to metaverse companies since May 2022.Moreover, an investment of 800 million yuan ($112 million) has been allocated to construct a dedicated “metaverse industrial building” that will provide office spaces for metaverse enterprises.Jiangning’s efforts contribute to Nanjing City’s broader aspiration of becoming a prominent metaverse hub in China. In February of this year, Nanjing unveiled its metaverse strategy and set the ambitious target of establishing an industry generating over 135 billion yuan ($19.13 billion) in annual revenues by the end of 2025. Additionally, Nanjing launched “the Blockchain Technology and Application Innovation Platform of China” in May, aimed at promoting and advancing metaverse research nationwide.Broader Chinese metaverse strategyWhile Nanjing is moving towards metaverse development, other Chinese metropolises, including Beijing, Shanghai, and Hangzhou, are also vying for dominance. Cities such as Zhengzhou and Suzhou are also endeavoring to participate in the trending technology.Last month, Zhengzhou announced a set of policy proposals aimed at supporting metaverse-centric enterprises locally. Earlier in May, the administrative body that governs Henan Province established a 150 million yuan ($21.7 million) private equity investment fund relative to the financing of metaverse-themed projects.As cities and regions in China compete to seize the opportunities presented by the metaverse, the country is witnessing significant investments and initiatives to establish a strong foothold in this transformative technology. Nanjing’s Jiangning district’s comprehensive plan and strategic partnerships signify the region’s dedication to becoming a flourishing metaverse ecosystem, while executing on a mandate from the central government to further develop metaverse technologies within China.